Transcript of Earnings Conference Call of Q2FY27.

Date: November 02, 2026 Listing Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. Script Code: 541096 Dear Sir/Madam, Subject: Transcript of Earnings Conference Call – Q2FY27 Ref: Regulation 30 of SEBI LODR (Listing Obligations and Disclosure Requirements), Regulations 2015 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Para A of Part A of Schedule III, please find enclosed herewith a copy of transcript of Company’s Operational and Financial Performance for the Quarter and Half Year Ended on September 30, 2026 (Q2FY27) held on Friday, October 30, 2026. The transcript is also uploaded on the Company’s website at www.bplindia.in Kindly take the same on your record. Thanking You, Yours faithfully, FOR, BHARAT PARENTERALS LIMITED Sharmin Soni Company Secretary & Compliance Officer ICSI Membership No: A-75694 Encl: As Above “Bharat Parenterals Limited Q2 & H1 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. BHAHIM DESAI – DIRECTOR, STRATEGY AND INVESTOR RELATIONS – BHARAT PARENTERALS LIMITED Page 1 of 25 Bharat Parenterals Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Bharat Parenterals Limited Q2 and H1 FY27 Earnings Conference Call, hosted by PhillipCapital PCG. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bahim Desai, Strategy and Investor Relations from Bharat Parenterals Limited. Thank you and over to you, Bahim sir. Bahim Desai: Thank you. Good afternoon everyone and a warm welcome to the Q2 and H1 FY27 earnings call of Bharat Parenterals Limited. I am Bahim Desai, Director, Strategy and Investor Relations. I hope you have had a chance to look at our results, the investor presentation and the management discussion and analysis. All of them are on the stock exchange and on our site. Before I begin, a quick disclaimer, some of what I say today is forward-looking. It reflects our current expectations and carries risks and uncertainties, so actual results may differ. In May, I called FY 26 our year and I said FY27 is where we expect the commercial inflection. I am pleased to say that Q2 is the first quarter where that inflection shows up in the group's profit. Our teams have worked towards this for several years, so I want to walk you through it carefully, what drove it, what structural and what will move around from quarter to quarter. Let me give you the consolidated picture first and then I'll go business by business. Consolidated revenue for the quarter was INR136.3 crores, that is up 110% on 64.6 crores in Q2 last year and up 45% on Q1 basis, FY27. Last year's Q2 was a soft phase, export shipments were deferred and our general injectables line was shut, for close to a month. So I would point you to a 45% sequential growth as a cleaner measure of progress and even on that basis it is a strong quarter. EBITDA was 26.6 crores, 23.6 crores, a margin of 17.3%. A year ago, it was INR0.8 crores. Last quarter, it was INR8.5 crores at 9.1%, so the margin expanded by more than 800 basis points in a single quarter. Profit after tax was INR11.8 crores against a loss of INR8.6 crores in Q2 last year and a loss of INR 3.6 crores in Q1. Of that INR 11.8 crores, INR 9.4 crores belongs to BPL shareholders. The remaining INR2.4 crores is our minority partners' share of Innoxel's profit since we own 55.9% of Innoxel. For the first half, revenue was INR 230 crores, up 27%. EBITDA was INR32.1 crores, up 120% and the margin moved to 14% from 8.1%. Profit after tax was INR 8.3 crores against a loss of INR 9.5 crores. Profit attributable to owners was INR 10.4 crores, roughly 10 times the INR 1 crores of H1 last year. The minority share is still a loss of about INR 2.2 crores for the half because Innoxel's first quarter was a loss. Just as important as the numbers is where they are coming from. Innoxel and Varenyam Healthcare, our margin growth platforms, together made up 45% of our revenue before Page 2 of 25 Bharat Parenterals Limited October 30, 2026 eliminations this quarter, up from about 40% a year ago. Innoxel is now the largest EBITDA contributor in the group, producing more than 60% of the EBITDA across our four companies. That is the shift in our in-mix our strategy was built around. Going to BPL standalone now. Coming to the standalone business, which is the parent company and the foundation of the Group. Revenue for the quarter was INR 78.6 crores, up 88.4% year- on-year and 41.5% on Q1 FY27. Part of the year-on-year jump is recovery from last year's weak Q2, so the sequential growth is the better guide. For the half year, standalone revenue was INR 134.1 crores against INR 136.1 crores last year, which is broadly flat. That is the honest comparison and it and it means that the second half has to carry the year's growth. This was an execution quarter. Our domestic tender book came down from INR119 crores at the end of June to INR 65 crores at the end of September, largely as supplied against it. Capacity use tells the same story. In the first half, general block ran at 70% against 48.5% for FY26. Beta-lactam was at 33% and Cephalosporins was at 31.5% against 21% and 24% respectively last year. That leaves meaningful headroom. We do not need new capacity to deliver the standalone growth we have guided and the additional vole can be absorbed on our existing cost base. Our total order book stood at INR 117 crores at the end of September across domestic tenders, exports and international tenders, which gives us good visibility into the second half. Now margins, I want to be straightforward with you here. EBITDA was INR 7 crores, three times last year's INR 2.3 crores, but the margin was 9%, down from 12.3% in Q1 FY27. The reason is input material cost. Prices of several of our inputs rose sharply because of the ongoing geopolitical conflicts. Our material cost went up by about 5 percentage points of revenue in a single quarter and the gross margin came down to 35% from 8% in Q1 and 44.1% in Q2 last year. What was within our control, we managed well. Employee cost fell to 9.3% of the revenue from 11.7% . Operating expenses grew 33% year-on-year against revenue growth of 88%. Profit after tax was INR5.4 crores, up 98.7% and net margins improved to 6.9% from 6.6% in Q1 and 6.5% a year ago. I will also be clear about the risk. A good part of our order book was priced before input costs went up. Until those prices ease or the books turn over to orders priced at current costs, margins on that book will stay under some pressure. For the first half, standalone EBITDA was INR 13.9 crores at 10.3%. That is inside our 10% to 15% range even after absorbing this quarter's input cost increase. The balance sheet continues to strengthen. The standalone business generated INR 65 crores of cash from operations in the half and spent about INR 15 crores on capex, leaving roughly INR 50 crores of free cash. Trade receivables are down to INR 105 crores from INR 120 crores in March and INR 130 crores a year ago. Debt to equity is 0.08 times. You will also see investments go from about INR 1 crores to INR 56 crores. This is surplus cash placed in various market instruments, not new investments in businesses. Page 3 of 25 Bharat Parenterals Limited October 30, 2026 Moving on to Innoxel Life Sciences. I will spend a little bit more time on Innoxel because this is the quarter where its model started to show the show in the numbers. Revenue was INR 44.5 crores, up 253% year-on-year and more than double of Q1's INR 21.4 crores. EBITDA was INR 14.6 crores at 33% margin ag [Showing first 8,000 characters — download PDF for full document]